The Prefabricated Building System Market: Worldwide Growth, Trends and Forecasts (2019-2024).
M2 PRESSWIRE-June 11, 2019-: The Prefabricated Building System Market: Worldwide Growth, Trends and Forecasts (2019-2024)
(C)1994-2019 M2 COMMUNICATIONS
RDATE:11062019
The "Prefabricated Building System Market - Growth, Trends, and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.
The prefabricated building system market is expected to grow at a CAGR of 5.9% during the forecast period of 2019-2024.
One of the major factors driving the growth of the market studied is the increasing demand for building construction in Asia-Pacific. On the flipside, technical issues associated with prefabrication such as weak joints and the poor thermal insulation performance is expected to hinder the market growth.
Key Highlights
- Implementation of building information modeling is likely to act as an opportunity in the future.
- Asia-Pacific dominated the market across the globe with the largest consumption from countries such as China and Japan.
Key Market Trends
Non-Residential Segment to Expand at a Lucrative Rate
- The market for industrial modular buildings is growing at a faster pace, due to the larger benefits of off-site construction. Off-site constructions are becoming more popular in the developing nations, due to accelerated project timelines, greater flexibility, more economical pricing, safer and greener construction technology, and the ability to service remote locations.
- The demand for prefabricated building systems in the industrial/institutional sector has increased, as it fulfills the short-term necessities at lower costs. The Buildings of Permanent prefabricated building systems include manufacturing facilities, hospitals facilities, educational classrooms, police stations, fire stations, etc.
- The government of the United Kingdom announced its initiative to construct new schools as a top priority. According to a publication by the United Kingdom government, there will be an addition of almost 7,30,000 school-age children by 2020. Around 24,287 additional classrooms are needed to accommodate this growing school-age population. According to a spokeswoman of the Department of Education, an investment of around GBP 7 billion is expected to be made on new constructions, by 2021.
- Various regions in the United States, including Florida, San Diego, and Chicago, are constructing new hospitals, or expanding their original base, in recent years. Also, according to the survey by the Health Facilities Management...
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